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Employer  >  Trustee Zone  >  OPS Matters  >  Trustee relations with advisers

Trustee relations with advisers

The Pensions Regulator (TPR) has issued the second instalment in its series of best practice guidance for trustees. This particular paper outlines how you should make the best use of your relationship with advisers and service providers.

The guidance outlines key issues that you should consider in order to maximise the best service from your current advisers, as well as taking into account the issues associated with appointing a new adviser or when reviewing adviser performance.

What’s new?

The key issues outlined in the guidance –

- There’s a legal requirement for some types of advisers to be appointed to pension schemes
- You can delegate duties to their advisers and service providers but you’ll remain responsible for the work and actions carried out on their behalf
- You should ensure you’ve a written statement from your advisers stating how conflicts of interest will be avoided and/or managed
- You shouldn’t adopt a ‘checklist’ approach to the key issues as there may be other considerations relevant to your schemes outwith TPR’s guidance

What next?

It’s likely your advisers are already carrying out the majority, if not all, of the issues raised in the guidance. But, if having read the guidance it’s raised any questions then you should consider discussing these with your advisers. 

The Regulator will be issuing further good practice guidance for trustees in the coming months. We will provide summaries of these publications after they have been issued.

The information provided is based on our current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice.